US CMA vs. MBA: Making the Best Career Choice

Are you someone who wants to pursue higher studies in accounting? We are sure that you dream about being successful and minting money! That’s everyone’s dream! To know which path is good enough for you, let’s dig a little deeper into the accounting career options.

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The two most popular and useful pathways to career advancement are the Certified Management Accountant (CMA) certification and the Master of Business Administration (MBA) degree. ?A worldwide renowned credential that is standardized is the CMA. However, MBA programs differ from university to university. Which course is best for you? Based on professional areas, career outlook, compensation, and the benefits and drawbacks of each, Simandhar Education has compared the US CMA and MBA below. Check out our YouTube video for more details.

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What is CMA Certification?

CMA stands for Certified Management Accountants. To become a highly successful CMA, aspirants must complete the following:

·?????? Possess a professional certification in the relevant field or a bachelor's degree from an authorized post-secondary education institution.

·?????? Candidates can pursue their graduation even after completing their CMA exam within 7 years. And they can appear for the CMA exam right after completing their 12th.

·?????? Join the Institute of Management Accountants (IMA) as a student.

·?????? Pass the CMA Exam's two parts.

·?????? Observe the Ethical Professional Practice Statement of the IMA.

·?????? Hold two years of continuous experience working in management accounting or financial management.

What is an MBA Degree?

MBA stands for Master of Business Administration. It is a graduate degree that can be achieved from various poised universities that offer concentrations in the business and accounting fields.

·?????? You need to have an undergraduate education.

·?????? The period of an MBA degree varies from full-time two years to part-time three-year programs.

Time and Cost Commitment of the US CMA Vs. MBA

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US CMA Career Positions:

·?????? The CMA is a certification in accounting that primarily addresses the financial aspect of companies.

·?????? Financial analysts, controllers, staff accountants, cost accountants, finance managers, and financial C-suite positions are among the positions that CMAs can hold.

·?????? Part 1 of the CMA Exam covers Financial Reporting, Planning, Performance, and Control.

·?????? Planning, budgeting, and forecasting are the main topics of the first section, but external financial reporting, performance and cost management, and internal controls are also highlighted.

·?????? This certification's accounting part focuses on the specifics that management accountants will encounter in their profession.?

·?????? Part 2 of the exam covers financial decision-making.

·?????? The second section addresses decision analysis, risk management, investment choices, corporate finance, and financial statement analysis in addition to professional ethics. This is the credential's management side.

·?????? In the second section, a broad approach to support organizations' expansion and stability is discussed.

·?????? You can get placed in the top MNCs and the Big 4 firms.

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MBA Career Positions:

·?????? There are many different business roles that MBAs can work in.

·?????? While some MBAs work in the strategy division of large corporations, others do financial planning and analysis for private clients.

·?????? Some become CEOs of Fortune 500 firms, while others start their own enterprises.

·?????? Many MBA programs have created "tracks," which are particular sets of mandatory classes aimed toward a more specialized degree, in response to the abundance of employment options.

·?????? These tracks frequently address some of the most important global topics, including finance, entrepreneurship, sustainability, and healthcare management.

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US CMA Salaries:

1.??? Salaries in India:

·?????? In India, the average pay for a CMA is INR 8 LPA, or about INR 69,000 per month.

·?????? However, a CMA's pay may differ according to their sector, region, specialization, job profile, knowledge, abilities, and experience.

·?????? Financial controllers and CFOs in the US can make up to INR 15 lakhs and INR 25 lakhs annually, respectively, from CMA roles.

·?????? Furthermore, CMAs make more money than their peers do across the board, especially in senior management roles where the wage differential can reach 58 percent.

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2.??? Salaries Abroad:

·?????? A CMA's income abroad?can differ significantly based on several variables, including experience level, industry, and region.

·?????? CMAs typically make more money than non-certified accountants do.

·?????? In 2021, the Institute of Management Accountants (IMA) conducted a poll that revealed that the average annual compensation of CMAs in the United States is $126,000.

·?????? The pay may differ in various countries based on the regional economy and market.

·?????? For instance, the typical pay for a CMA in Canada is between CAD 80,000 to CAD 100,000,000.

·?????? In the UK, the same remuneration is between ￡50,000 and ￡70,000 annually.

·?????? If you are looking for a secure career, Simandhar Education offers you the best?CMA courses.

MBA Salaries:

1.??? Salaries in India:

·?????? The majority of candidates often get an MBA to advance their careers and potentially raise their income.

·?????? Additionally, having an MBA enhances a professional's brand value, which helps them negotiate a better compensation package.

·?????? An MBA graduate's salary typically falls between 7 and 12 LPA, although it can reach up to INR 70 to 100 LPA.

·?????? Salary packages are, of course, influenced by several elements, including technical proficiency, pertinent experience, business, B-school, and specialization.

2.??? Salaries Abroad:

·?????? With management occupations predicted to rise by 9% between 2020 and 2030, creating 906,800 new employments, an MBA pay in the USA is very appealing.

·?????? The US Bureau of Labor Statistics states that the management and leadership abilities of MBA graduates make them extremely in demand.

·?????? 90% of MBA grads, according to US News, land positions with average base salaries and joining bonuses above $105,000 (INR 87,53,000).

US CMA Vs. MBA – what’s your pick?

US CMA and MBA are both excellent career paths. As one moves ahead in life, it’s crucial to adopt a growth mindset that helps you to keep improving and growing in your professional life. Access your career goals and decide which career path will help you reach your goal. The CMA credential can help you excel in finance and accounting roles within various organizations, whereas an MBA is more suited to specific industry tracks, such as sustainability or healthcare. ?

Conclusion:

Organizations worldwide recognize the US Certified Management Accountant (US CMA) as a top-tier accounting credential. Earn your US CMA by reading just 2 books, 6-9 months, and work in the renowned MNCs and Big 4. Get global recognition and into the elite network of CMAs.

Simandhar Education believes in Changing Lives for the Better! You can register for our free webinars that take place every month! Are you looking for CMA courses? You can buy our courses directly through our website at discounted rates! For further information, please visit our official website at www.simandhareducation.com/ or give us a call at 7780273388